There are some rules from section 451 (c) as amended by the TCJA, which makes available ways to have advance payment in income for the tax year that it was obtained.The amendment of...
Posted by Elliot Kravitz, ATP on 11/07/2020
In general, any form of military payment obtained while deployed to a combat zone is excluded from federal income tax. This translates into significant tax savings for the active combat...
An employee's work is usually repaid in wages, salaries, commissions, tips, additional benefits, fringe benefits, and bonuses. All of these taxes are subject to various state and...
An overview of spousal liability concerns in the world of income tax.To be able to understand this concept better, we will create a scenario where we have imaginary characters. "For...
The Tax Cuts and Jobs Act (TCJA) of 2017 reduced the federal income tax rate for C Corps to 21%, effective January 1, 2018. With this tax rate reduction, business owners can assess...
Almost everyone is eager to know when they will have their refunds from the IRS. Thanks to technology, you can track this online and know its status. The IRS' 'Where's...
Posted by Elliot Kravitz, ATP on 07/23/2020
Aside from taking care of your business, you will probably take on a lot of additional tasks as a small business owner. Tasks for the infancy of your business such as bookkeeping is...
Posted by Flynn Financial Group Inc on 07/16/2020
Recognize whether which of the standard deduction and itemized deduction suits you before you file.Although you don’t have plenty of choices when it comes to paying taxes, you...
The paycheck protection program is a product of the CARES Act. It is available to business owners via institutions like the bank of America. It allows businesses to borrow money and...
Posted by Elliot Kravitz, ATP on 06/22/2020